An auditor issued an audit report that was dual dated fora subsequent event occurring after the date on which the auditor has obtained sufficient appropriate audit evidence but before issuance of the financial statements. The auditor's responsibility for events occurring subsequent to the date on which the auditor has obtained sufficient appropriate audit evidence was

Answer:

a) Limited to specific event referenced

b) Extended to include all events occurring since the date on which the auditor has obtained sufficient appropriate audit evidence

c) Extend to subequent events occuring through the date of issuance of the report

d) Limited to events occurring up to the date of the last subsequent event reference

Final analytical procedures are generally intended to a)Provide the auditor with a final, overall evaluation of the relationships among financial statement balances b)Test transactions to corroborate management's financial statement assertions c)Gather evidence concerning account balances that have not yet been investigated d)Retest control activities that appeared to be ineffective during the assessment of control risk

a)Retest control activities that appeared to be ineffective during the assessment of control risk

Auditing standards primarily encourage which of the following conversations about financial reporting? a)A conversation with those charged with governance to discuss matters pertaining to financial reporting b)A conversation with only management to discuss matters pertaining to financial reporting c)A conversation with the head of the client's internal audit department and those charged with governance to discuss matters pertaining to financial reporting d)A conversation in which those charged with governance report on management's views on matters pertaining to financial reporting

a)A conversation in which those charged with governance report on management's views on matters pertaining to financial reporting

Which of the following audit procedures is most likely to assist an auditor in identifying conditions and events that may indicate substantial doubt about an entity's ability to continue as a going concern? a)Review compliance with the terms of debt agreements b)Review management's plans to dispose of assets c)Evaluate management's plans to borrow money or restructure debt d)consider management's plans to reduce or delay expenditures

Which of following events occurring after the issuance of a set of financial statements and the accompanying auditor's report would be most likely to cause the auditor to make further inquires about the financial statements? a)A technological development in the industry that could affect the entity's future ability to continue as a going concern b)The entity's sale of a subsidiary that accounts for 30 percent of the entity's consolidated sales c)The discovery of information regarding a contingency that existed before the financial statements were issued d)The final resolution of a lawsuit explained in a separate paragraph of the auditor's report

c)The final resolution of a lawsuit explained in a separate paragraph of the auditor's report

In which of the following situations would an auditor ordinarily issue an unqualified/unmodified financial statement audit opinion with no explanatory paragraph? a)the auditor wishes to emphasize that the entity had significant related-party transactions b)the auditor decided to refer to the report of another auditor as a basis, in part, for the auditor's opinion c)the entity issues financial statements that present financial position and results of operations but omits the statement of cash flows d)the auditor has substantial doubt about the entity's ability to continue as a going concern, but the circumstances are fully disclosed in the financial statements

b)the auditor has substantial doubt about the entity's ability to continue as a going concern, but the circumstances are fully disclosed in the financial statements

A public entity changed from the straight-line method to the declining balance method of depreciation for all newly acquired assets. This change has no material effects on the current year's financial statements but it is reasonably certain to have a substantial effect in later years. The client's financial statements contain no material misstatements and the auditor concurs with this change. If the change is disclosed in the notes to the financial statements, the auditor should issue a report with a a)"except for'" qualified opinion b)explanatory paragraph c)unqualified opinion d)consistency modification

An auditor includes a separate paragraph in an otherwise unmodified financial statement audit report to emphasize that the entity being reported upon had significant transactions with related parties. The inclusion of this separate paragraph a)is appropriate and would not negate the unmodified opinion b)is consider and "except for" qualification of the opinion c)violates GAAS if this information is already disclosed in footnotes to the financial statements d)Necessitates a revision of the opinion paragraph to include the phrase " with the foregoing explanation"

a)Necessitates a revision of the opinion paragraph to include the phrase " with the foregoing explanation"

Eagle company, a public company, had a computer failure and lost part of it financial data. As a result, the auditor was unable to obtain sufficient audit evidence relating to eagle's inventory account. Assuming the inventory account is at least material, the auditor would most likely choose either a)qualified opinion or a disclaimer b)qualified opinion or adverse opinion c)unqualified opinion with no explanatory paragraph or and unqualified opinion with an explanatory paragraph d)qualified opinion with no explanatory paragraph or a qualified opinion with an explanatory paragraph

a)qualified opinion with no explanatory paragraph or a qualified opinion with an explanatory paragraph

Tech company has disclosed an uncertainty due to pending litigation. The auditor's decision to issue a qualified opinion on Tech's financial statements would most likely result from a)Lack of sufficient evidence b)Inability to estimate the amount of loss c)Entity's lack of experience with such litigation d)Lack of insurance coverage for possible losses from such litigation

Question:
An auditor issued an audit report that was dual dated fora subsequent event occurring after the date on which the auditor has obtained sufficient appropriate audit evidence but before issuance of the financial statements. The auditor's responsibility for events occurring subsequent to the date on which the auditor has obtained sufficient appropriate audit evidence was

Answer:

Limited to specific event referenced

Extended to include all events occurring since the date on which the auditor has obtained sufficient appropriate audit evidence

Extend to subequent events occuring through the date of issuance of the report

Limited to events occurring up to the date of the last subsequent event reference